Mine reserves depleting: MRA

By SHIRLEY MAULUDU
THE Mineral Resources Authority (MRA) says there is no other major gold-copper project after the ones at Wafi-Golpu and Frieda River are developed.
MRA managing director Jerry Garry said the challenge for the industry now was the depletion of reserves.
“We have inherited some legislations that are as old as self-governance,” Garry told the Geoscience, Exploration and Extraction conference in Port Moresby yesterday.
“In terms of regulations, we are relying mostly on the existing legislations, but a lot of improvement needs to be done.
“Over time, that is something that all of us need to strive for to improve the way we do business.”
He said the extractive industry accounted for more than 80 per cent of the country’s revenue.
He said the only copper producing mine at Ok Tedi could be closed in 2032. “If we get Wafi-Golpu and Frieda River off the ground, we will enjoy a healthy production outlook of around 500,000 tonnes a year to a maximum of 650,000 or 700,000 tonnes per annum, which will place PNG in the top 6 or top 10 copper producing nations in the coming years. That’s a good outlook for copper.
“In gold, we will be reaching 2 million ounces a year going into 2053. So in terms of the outlook, it looks good.
“The challenge we have is the depletion of these major reserves that we have.
“When Wafi-Golpu and Freida River are commissioned as mines, the reserves will be depleted with no more major reserves.
“The challenge for us now is to find the next Porgera, or next Ok Tedi, or the next Lihir,” Garry said.
The conference brings together academics, scientists, researchers and geoscientist, to share their experiences and research results in geological exploration and mineral extraction.